Special to WorldTribune.com

LONDON — Western powers, led by the United States, have agreed to suspend billions of dollars worth of sanctions on Iran’s energy and other sectors for the next six months in exchange for a reduction in
Teheran’s enriched uranium stockpile.

Under an agreement reached on Nov. 24, the so-called P5+1 pledged to suspend European Union and United States sanctions on Iran’s petrochemical exports, gold and precious metals, automobile industry as well as help Teheran’s civil aviation sector.

“Pause efforts to further reduce Iran’s crude oil sales, enabling Iran’s current customers to purchase their current average amounts of crude oil,” the text of the agreement read.

“Enable the repatriation of an agreed amount of revenue held abroad. For such oil sales, suspend the EU and U.S. sanctions on associated insurance and transportation services.”

The agreement, aided by secret Iranian-U.S. negotiations over the last nine months, was signed during the second round of renewed P5+1 talks in Geneva, Switzerland.

In a move that violated United Nations Security Council resolutions, Western powers such as Britain, France,
Germany and the United States would lift many of the sanctions imposed on Teheran over the last three years.

“The U.S. administration, acting consistent with the respective roles of
the president and the Congress, will refrain from imposing new
nuclear-related sanctions,” the agreement said.

“Comprehensively lift UN Security Council, multilateral and national nuclear-related sanctions, including steps on access in areas of trade, technology, finance, and energy, on a schedule to be agreed upon.”

Israel, the most vocal opponent of the removal of sanctions, issued a
mild response to the P5+1 accord. Israeli leaders issued differing
statements, with President Shimon Peres playing down the accord and Prime
Minister Benjamin Netanyahu warning that Israel would not be bound to the
agreement.

“What was achieved last night in Geneva is not an historic agreement,”
Netanyahu, who later spoke to U.S. President Barack Obama, said. “It is an
historic mistake. These sanctions have been given up in exchange for
cosmetic Iranian concessions that can be cancelled in weeks.”

Under the accord, P5+1 also approved Iran’s uranium enrichment program,
particularly at the underground facility at Fordow. Iran would also be
allowed to keep although not immediately operate its plutonium production
plant at Arak.

Iran and P5+1 agreed to launch a six-month initial stage while
negotiations continue on Teheran’s nuclear program. In the first stage, Iran
agreed to halt uranium enrichment beyond a level of five percent and not
“make any further advances” at the nuclear facilities of Arak, Fordow and
Natanz.

“The first step would be time-bound, with a duration of six months, and
renewable by mutual consent, during which all parties will work to maintain
a constructive atmosphere for negotiations in good faith,” the agreement
said.

The text of the agreement, published by Iran’s official Irna news
agency, appeared to differ from that of the United States. On Nov. 24, the
White House issued a statement that asserted that sanctions would remain on
Iran’s banking, energy and transportation sectors.

“In total, the approximately $7 billion in relief is a fraction of the
costs that Iran will continue to incur during this first phase under the
sanctions that will remain in place,” the White House said.

“The vast majority of Iran’s approximately $100 billion in foreign exchange holdings
are inaccessible or restricted by sanctions.”

  Arak, Fordow, Iran deal OKs enrichment program and nuclear facilities at Arak, Natanz, P5+1 talks, Shimon Peres, UN Security Council